GAAP revenue in the third quarter was $1.31 billion compared with $1.26
billion in the third quarter of 2014. Adjusted revenue was $1.24 billion
in the third quarter compared with $1.19 billion in the third quarter of
2014, an increase of 5 percent. For the first nine months of 2015, GAAP
revenue was $3.89 billion compared with $3.75 billion for the first nine
months of 2014. Adjusted revenue was $3.66 billion in the first nine
months of 2015 compared with $3.52 billion in the same period in 2014,
an increase of 4 percent.

GAAP earnings per share from continuing operations in the third quarter
was $0.92 compared with $0.95 in the third quarter of 2014. GAAP
earnings per share from continuing operations included gains on sales of
subsidiary businesses at StoneRiver Group, L.P. ("StoneRiver"), a joint
venture in which the company owns a 49% interest, of $0.08 per share in
the third quarter of 2015 and $0.21 per share in the same period in
2014. GAAP earnings per share from continuing operations for the first
nine months of 2015 was $2.18, which also included debt extinguishment
and refinancing costs of $0.25 per share, compared with $2.25 for the
first nine months of 2014.

Adjusted earnings per share from continuing operations increased 20
percent in the quarter to $1.03 compared with $0.86 in the third quarter
of 2014. Adjusted earnings per share from continuing operations in the
first nine months of 2015 increased 15 percent to $2.86 compared with
$2.48 in the comparable 2014 period.

"Strong performance in the quarter was highlighted by revenue growth
acceleration and a 20 percent increase in adjusted EPS," said Jeffery
Yabuki, President and Chief Executive Officer of Fiserv. "Our focus on
delivering innovative, high-value client services should drive
differentiated client experiences and continued growth."

Third Quarter 2015

Adjusted revenue increased 5 percent in the quarter to $1.24 billion
and 4 percent year to date to $3.66 billion over the prior year
periods.

Internal revenue growth in the quarter was 5 percent for the company,
driven by 6 percent growth in the Payments segment and 4 percent
growth in the Financial segment. Foreign currency negatively impacted
internal revenue growth by approximately 70 basis points in the third
quarter.

Internal revenue grew 4 percent in the first nine months of 2015, led
by 5 percent growth in the Payments segment and 3 percent growth in
the Financial segment. Foreign currency negatively impacted internal
revenue growth by approximately 60 basis points in the first nine
months of 2015.

Adjusted earnings per share increased 20 percent in the quarter to
$1.03 and increased 15 percent in the first nine months of 2015 to
$2.86 compared to the prior year periods.

Adjusted operating margin expanded 190 basis points to 33.1 percent in
the quarter and is up 150 basis points to 32.0 percent in the first
nine months of 2015 compared to the prior year periods.

Free cash flow was $666 million in the first nine months of 2015
compared to $674 million in the prior year period. The current year
result was negatively impacted by the timing of working capital
including a $60 million increase in tax payments compared to 2014.

During the quarter, the company received $36 million in cash
distributions from StoneRiver, $32 million of which has been excluded
from the company's free cash flow.

The company repurchased 6.0 million shares of common stock in the
quarter for $514 million and 12.9 million shares of common stock for
$1.05 billion in the first nine months of 2015. As of September 30,
2015, the company had 6.9 million remaining shares authorized for
repurchase.

Outlook for 2015

Fiserv expects 2015 internal revenue growth of 5 percent and adjusted
earnings per share in a range of $3.84 to $3.87 versus the previous
range of $3.73 to $3.83, which now represents growth of 14 to 15 percent
over $3.37 in 2014.

"The increase in our adjusted earnings per share guidance reflects the
strength of our business model and the value of our solutions," said
Yabuki.

Earnings Conference Call

The company will discuss its third quarter 2015 results on a conference
call and webcast at 4 p.m. CT on Tuesday, October 27, 2015. To register
for the event, go to www.fiserv.com
and click on the Q3 Earnings webcast link. Supplemental materials will
be available in the "Investor Relations" section of the website.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
business insights and optimization. For more than 30 years, Fiserv has
been a leader in financial services technology, and today is among
FORTUNE® magazine's World's Most Admired Companies and Forbes
magazine's America's Best Employers. For more information, visit www.fiserv.com.

Use of Non-GAAP Financial Measures

In this earnings release, we supplement our reporting of information
determined in accordance with GAAP, such as revenue, operating income,
operating margin, income from continuing operations, earnings per share
and net cash provided by operating activities, with "adjusted revenue,"
"internal revenue growth," "adjusted operating income," "adjusted
operating margin," "adjusted income from continuing operations,"
"adjusted earnings per share" and "free cash flow." Management believes
that adjustments for certain non-cash or other items and the exclusion
of certain pass-through revenue and expenses enhance our shareholders'
ability to evaluate our performance because such items do not reflect
how we manage our operations. Therefore, we exclude these items from
GAAP revenue, operating income, operating margin, income from continuing
operations, earnings per share and net cash provided by operating
activities to calculate these non-GAAP measures.

Examples of non-cash or other items may include, but are not limited to,
non-cash deferred revenue adjustments arising from acquisitions,
non-cash intangible asset amortization expense associated with
acquisitions, non-cash impairment charges, gains or losses from
unconsolidated affiliates, severance costs, charges associated with
early debt extinguishment, merger and integration costs related to
acquisitions, and certain costs associated with the achievement of our
operational effectiveness objectives. We exclude these items to more
clearly focus on the factors we believe are pertinent to the management
of our operations, and we use this information to allocate resources to
our various businesses.

Free cash flow and internal revenue growth are non-GAAP financial
measures and are described on page 10. We believe free cash flow is
useful to measure the funds generated in a given period that are
available for strategic capital decisions. We believe internal revenue
growth is useful because it presents revenue growth excluding the impact
of postage reimbursements in our Output Solutions business, acquisitions
and dispositions, and including deferred revenue purchase accounting
adjustments. We believe this supplemental information enhances our
shareholders' ability to evaluate and understand our core business
performance.

These non-GAAP measures should be considered in addition to, and not as
a substitute for, revenue, operating income, operating margin, income
from continuing operations, earnings per share and net cash provided by
operating activities or any other amount determined in accordance with
GAAP. These non-GAAP measures reflect management's judgment of
particular items and may not be comparable to similarly titled measures
reported by other companies.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding anticipated internal revenue growth,
adjusted earnings per share and adjusted earnings per share growth.
Statements can generally be identified as forward-looking because they
include words such as "believes," "anticipates," "expects," "could,"
"should" or words of similar meaning. Statements that describe the
company's future plans, objectives or goals are also forward-looking
statements. Forward-looking statements are subject to assumptions, risks
and uncertainties that may cause actual results to differ materially
from those contemplated by such forward-looking statements. The factors
that may affect the company's results include, among others: pricing and
other actions by competitors; the capacity of the company's technology
to keep pace with a rapidly evolving marketplace; the impact of market
and economic conditions on the financial services industry; the impact
of a security breach or operational failure on the company's business;
the effect of legislative and regulatory actions in the United States
and internationally; the company's ability to comply with government
regulations;the company's ability to successfully identify,
complete and integrate acquisitions; the impact of the company's
strategic initiatives; and other factors included in the company's
filings with the SEC, including its Annual Report on Form 10-K for the
year ended December 31, 2014 and in other documents that the company
files with the SEC. You should consider these factors carefully in
evaluating forward-looking statements and are cautioned not to place
undue reliance on such statements. The company assumes no obligation to
update any forward-looking statements, which speak only as of the date
of this press release.

Fiserv, Inc.

Condensed Consolidated Statements of Income

(In millions, except per share amounts, unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Revenue

Processing and services

$

1,125

$

1,063

$

3,301

$

3,141

Product

188

200

585

609

Total revenue

1,313

1,263

3,886

3,750

Expenses

Cost of processing and services

541

537

1,625

1,610

Cost of product

172

168

521

519

Selling, general and administrative

258

243

758

728

Total expenses

971

948

2,904

2,857

Operating income

342

315

982

893

Interest expense - net 1

(41

)

(41

)

(130

)

(122

)

Loss on early debt extinguishment 1

-

-

(85

)

-

Income from continuing operations before income taxes

and income from investment in unconsolidated affiliate

301

274

767

771

Income tax provision

(117

)

(120

)

(279

)

(287

)

Income from investment in unconsolidated affiliate

34

85

35

89

Income from continuing operations

218

239

523

573

Income (loss) from discontinued operations

-

-

-

-

Net income

$

218

$

239

$

523

$

573

GAAP earnings per share - diluted:

Continuing operations

$

0.92

$

0.95

$

2.18

$

2.25

Discontinued operations

-

-

-

-

Total

$

0.92

$

0.95

$

2.18

$

2.25

Diluted shares used in computing earnings per share

237.0

251.8

240.1

254.6

Earnings per share is calculated using actual, unrounded amounts.

1 In May 2015, the company raised $1.75 billion of proceeds in a public
offering of senior notes with a weighted average interest rate and term
of 3.3% and 7.6 years, respectively. The company used a portion of such
proceeds to redeem its $600 million 3.125% senior notes due in 2016 and
$500 million 6.8% senior notes due in 2017, which resulted in a pre-tax
charge of $92 million ($0.25 per share after-tax) related to the
make-whole payments on the early retirement and other costs associated
with the transaction, including the reclassification of unamortized
losses on settled cash flow hedges to interest expense.

Fiserv, Inc.

Reconciliation of GAAP to Adjusted Income and

Earnings Per Share from Continuing Operations

(In millions, except per share amounts, unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

GAAP income from continuing operations

$

218

$

239

$

523

$

573

Adjustments:

Merger, integration and other costs 1

15

2

28

11

Severance costs

4

3

13

15

Amortization of acquisition-related intangible assets

50

50

149

153

Debt extinguishment and refinancing costs 2

-

-

92

-

Tax impact of adjustments 3

(24

)

(19

)

(99

)

(63

)

StoneRiver transactions 4

(32

)

(85

)

(32

)

(87

)

Tax impact of StoneRiver transactions 4

14

32

14

36

Tax benefit 5

-

(6

)

-

(6

)

Adjusted income from continuing operations

$

245

$

216

$

688

$

632

GAAP earnings per share from continuing operations

$

0.92

$

0.95

$

2.18

$

2.25

Adjustments - net of income taxes:

Merger, integration and other costs 1

0.04

0.01

0.08

0.03

Severance costs

0.01

0.01

0.04

0.04

Amortization of acquisition-related intangible assets

0.14

0.13

0.40

0.39

Debt extinguishment and refinancing costs 2

-

-

0.25

-

StoneRiver transactions 4

(0.08

)

(0.21

)

(0.08

)

(0.20

)

Tax benefit 5

-

(0.03

)

-

(0.02

)

Adjusted earnings per share from continuing operations

$

1.03

$

0.86

$

2.86

$

2.48

1 Merger, integration and other costs include incremental expenses
incurred in conjunction with the achievement of the company's
operational effectiveness objectives, including incremental costs
related to data center and real estate consolidation activities such as
move expenses, third party fees and non-cash impairment charges; a
non-cash expense related to the modification of certain employee equity
award agreements; and costs associated with the Open Solutions
acquisition.

2 See footnote on page 5.

3 The tax impact of adjustments is calculated using a tax rate of 35
percent.

4 Represents the company's share of net gains associated with capital
transactions at StoneRiver, including sales of subsidiary businesses and
related expenses.

5 The tax benefit represents certain discrete income tax benefits that
have been excluded from adjusted earnings per share.

See page 3 for disclosures related to the use of non-GAAP financial
measures. Earnings per share is calculated using actual, unrounded
amounts.

Fiserv, Inc.

Financial Results by Segment

(In millions, unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2015

2014

2015

2014

Total Company

Revenue

$

1,313

$

1,263

$

3,886

$

3,750

Output Solutions postage reimbursements

(71

)

(77

)

(228

)

(238

)

Open Solutions deferred revenue adjustment

1

1

3

3

Adjusted revenue

$

1,243

$

1,187

$

3,661

$

3,515

Operating income

$

342

$

315

$

982

$

893

Merger, integration and other costs

15

2

28

11

Severance costs

4

3

13

15

Amortization of acquisition-related intangible assets

50

50

149

153

Adjusted operating income

$

411

$

370

$

1,172

$

1,072

Operating margin

26.0

%

24.9

%

25.3

%

23.8

%

Adjusted operating margin

33.1

%

31.2

%

32.0

%

30.5

%

Payments and Industry Products ("Payments")

Revenue

$

714

$

686

$

2,111

$

2,028

Output Solutions postage reimbursements

(71

)

(77

)

(228

)

(238

)

Adjusted revenue

$

643

$

609

$

1,883

$

1,790

Operating income

$

217

$

201

$

616

$

566

Operating margin

30.4

%

29.2

%

29.2

%

27.9

%

Adjusted operating margin

33.7

%

32.9

%

32.7

%

31.6

%

Financial Institution Services ("Financial")

Revenue

$

612

$

588

$

1,813

$

1,758

Open Solutions deferred revenue adjustment

1

1

3

3

Adjusted revenue

$

613

$

589

$

1,816

$

1,761

Operating income

$

218

$

193

$

631

$

581

Operating margin

35.6

%

32.8

%

34.8

%

33.0

%

Adjusted operating margin

35.5

%

32.8

%

34.8

%

33.0

%

Corporate and Other

Revenue

$

(13

)

$

(11

)

$

(38

)

$

(36

)

Operating loss

$

(93

)

$

(79

)

$

(265

)

$

(254

)

Merger, integration and other costs

15

2

28

11

Severance costs

4

3

13

15

Amortization of acquisition-related intangible assets

50

50

149

153

Adjusted operating loss

$

(24

)

$

(24

)

$

(75

)

$

(75

)

See page 3 for disclosures related to the use of non-GAAP
financial measures.

1 Internal revenue growth is measured as the increase in
adjusted revenue (see page 7) for the current period excluding acquired
revenue, divided by adjusted revenue from the prior year period
excluding revenue attributable to dispositions. There was no acquired
revenue in the third quarter of 2015 or revenue attributable to
dispositions in the comparable prior year period. During the first nine
months of 2015, there was no acquired revenue, and revenue attributable
to dispositions in the prior year period was $1 million (all in the
Financial segment).

Free Cash Flow 2

Nine Months Ended

September 30,

2015

2014

Net cash provided by operating activities

$

955

$

960

Capital expenditures 3

(292

)

(225

)

Other adjustments 3, 4

3

(61

)

Free cash flow

$

666

$

674

2 Free cash flow is calculated as net cash provided by operating
activities less capital expenditures, and excludes the net change in
settlement assets and obligations; tax-effected severance, merger and
integration payments; certain cash distributions from StoneRiver; cash
tax benefits on early debt extinguishment; and other items which
management believes may not be indicative of the future free cash flow
of the company.

3 2015 includes $62 million of capital expenditures, primarily leasehold
improvements, associated with the construction of a new building related
to the company's Atlanta facility consolidation, of which $25 million is
offset by landlord reimbursements reported in net cash provided by
operating activities, and $37 million of non-reimbursable building
expenditures is included in "other adjustments."

4 "Other adjustments" removes cash distributions from StoneRiver less
related tax payments of $32 million and $73 million in the first nine
months of 2015 and 2014, respectively.

See page 3 for disclosures related to the use of non-GAAP financial
measures.